(a) In general
Every employer who maintains a pension, annuity, stock bonus, profit-sharing, or other funded plan of deferred compensation described in part I of subchapter D of chapter 1, or the plan administrator (within the meaning of section 414(g)) of the plan, shall file an annual return stating such information as the Secretary may by regulations prescribe with respect to the qualification, financial conditions, and operations of the plan; except that, in the discretion of the Secretary, the employer may be relieved from stating in its return any information which is reported in other returns.
(b) Actuarial statement in case of mergers, etc.
Not less than 30 days before a merger, consolidation, or transfer of assets or liabilities of a plan described in subsection (a) to another plan, the plan administrator (within the meaning of section 414(g)) shall file an actuarial statement of valuation evidencing compliance with the requirements of section 401(a)(12).
For purposes of this section, the term “employer” includes a person described in section 401(c)(4) and an individual who establishes an individual retirement plan.
(d) Coordination with income tax returns, etc.
An individual who establishes an individual retirement plan shall not be required to file a return under this section with respect to such plan for any taxable year for which there is—
(1) no special IRP tax, and
(2) no plan activity other than—
(A) the making of contributions (other than rollover contributions), and
(B) the making of distributions.
(e) Special IRP tax defined
For purposes of this section, the term “special IRP tax” means a tax imposed by—
(1) section 408(f),1
(2) section 4973, or
(3) section 4974.
(f) Cross references
For provisions relating to penalties for failure to file a return required by this section, see section 6652(e).
For coordination between the Department of the Treasury and the Department of Labor with respect to the information required under this section, see section 3004 of title III of the Employee Retirement Income Security Act of 1974.
(Added Pub. L. 93–406, title II, §1031(a), Sept. 2, 1974, 88 Stat. 945; amended Pub. L. 94–455, title XIX, §1906(b)(13)(A), Oct. 4, 1976, 90 Stat. 1834; Pub. L. 95–600, title I, §157(k)(1), Nov. 6, 1978, 92 Stat. 2809; Pub. L. 98–369, div. A, title IV, §491(d)(48), July 18, 1984, 98 Stat. 852; Pub. L. 99– 4, title XV, §1501(d)(1)(D), Oct. 22, 1986, 100 Stat. 2740.)
References in Text
Section 408(f), referred to in subsec. (e)(1), was repealed by Pub. L. 99– 4, title XI, §1123(d)(2), Oct. 22, 1986, 100 Stat. 2475.
Section 3004 of title III of the Employee Retirement Income Security Act of 1974, referred to in subsec. (f), is classified to section 1204 of Title 29, Labor.
1986—Subsec. (f). Pub. L. 99– 4 substituted “section 6652(e)” for “section 6652(f)”.
1984—Subsec. (e). Pub. L. 98–369 struck out par. (2) which included a tax imposed by section 409(c) within term “special IRP tax”, and redesignated pars. (3) and (4) as (2) and (3), respectively.
1978—Subsec. (c). Pub. L. 95–600 substituted “an individual retirement plan” for “an individual retirement account or annuity described in section 408”.
Subsecs. (d) to (f). Pub. L. 95–600 added subsecs. (d) and (e) and redesignated former subsec. (d) as (f).
1976—Subsec. (a). Pub. L. 94–455 struck out “or his delegate” after “Secretary”.
Effective Date of 1986 Amendment
Amendment by Pub. L. 99– 4 applicable to returns the due date for which (determined without regard to extensions) is after Dec. 31, 1986, see section 1501(e) of Pub. L. 99– 4, set out as an Effective Date note under section 6721 of this title.
Effective Date of 1984 Amendment
Amendment by Pub. L. 98–369 applicable to obligations issued after Dec. 31, 1983, see section 491(f)(1) of Pub. L. 98–369, set out as a note under section 62 of this title.
Effective Date of 1978 Amendment
Section 157(k)(3) of Pub. L. 95–600 provided that: “The amendments made by paragraph (1) [amending this section] shall apply to returns for taxable years beginning after December 31, 1977. The amendment made by paragraph (2) [amending section 7701 of this title] shall apply to taxable years beginning after December 31, 1974.”
Section effective Sept. 2, 1974, except that the requirements of subsec. (a) shall apply only with respect to plan years beginning after Sept. 2, 1974, see section 1034 of Pub. L. 93–406, set out as a note under section 6057 of this title.
Pub. L. 109–280, title XI, §1103, Aug. 17, 2006, 120 Stat. 1057, provided that:
“(A) on the first day of the plan year—
“(i) the plan covered only one individual (or the individual and the individual’s spouse) and the individual owned 100 percent of the plan sponsor (whether or not incorporated), or
“(ii) the plan covered only one or more partners (or partners and their spouses) in the plan sponsor;
“(B) the plan meets the minimum coverage requirements of section 410(b) of the Internal Revenue Code of 1986 without being combined with any other plan of the business that covers the employees of the business;
“(C) the plan does not provide benefits to anyone except the individual (and the individual’s spouse) or the partners (and their spouses);
“(D) the plan does not cover a business that is a member of an affiliated service group, a controlled group of corporations, or a group of businesses under common control; and
“(E) the plan does not cover a business that uses the services of leased employees (within the meaning of section 414(n) of such Code).
For purposes of this paragraph, the term ‘partner’ includes a 2-percent shareholder (as defined in section 1372(b) of such Code) of an S corporation.